Glasses raised for M&B and Fullers

The pub sector has finally been able to raise a glass to positive news this
week after Mitchells & Butlers and Fuller, Smith & Turner followed
rival Greene King by posting strong Christmas trading figures.

By Jonathan Sibun

3:51PM GMT 29 Jan 2009

In what M&B chief executive Tim Clarke described as a "resilient performance given the circumstances", the pub group increased like-for-like sales 1pc in the nine weeks to January 24.

M&B said like-for-like food sales rose 2.6pc in the 17 weeks to January 24. Drinks sales were up 1.2pc against a 9.9pc fall in the beer market in the final quarter of 2008.

Fullers said like-for-like sales in its managed pubs rose 4.5pc in the 10 weeks to January 24, partly offset by a 1pc reduction in like-for-like profits in its tenanted pubs in the 43 weeks to the same date.

In Fullers' brewing unit, beer sales fell 1pc over the 43 weeks but the division continued to grow its market share.

Both companies said they expected full year results to meet expectations.

M&B shares rose a penny to 187.5p in late trading, while Fullers were down 12 at 365p.